St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-25
SANITY CITY DOINGS.
The New ST. Paul Stock Exchange
Opened for Business With Brief
Speechss---The First Call.
State aomeopathisis Discuss Papers OF
Interest to the Profession and
Hold & Banquet. :.
Many Minor Cases in the Courts---What
Some Prominent Visitors Had
to Say Yesterday.
ST. PAUL STOCK EXCHANGE
Formally Opened With Speeches
and Il Call OF Listed Securities.

FORMALLY CpShSN ~ 80"
and Il Call of Listed Securities.
In a large, well-lighted and ventilated
room on the first floor of the new ESpey
block, on Fifth near Robert street, there
were assembled yesterday morning
some of the leading business men OF st.
Paul. all interested i'll the formation OF
a stock exchange. On the east wall OF
the room was large blackboard bear
ing the inscriptions, banks and lnsur-
ance companies, miscellaneous and min
inc stocks. Under the first head there
were listed the National German Amer
lean, st. Paul National, First, Second
and Third National. Merchants, Com
mercial Germania. West Side, Seven
Corners. Peoples and Minnesota banks;
under the same head, st. Paul Fire and
Marine Insurance company, st. Paul
Trust company and st. Paul Real Is
tate Title Insurance company.
Miscellaneous comprised Suburban
railway. st. Paul and Union Land COM
panies, Warremdale Improvement cont
panv, Minnesota Scale company, RAM
Sey County Loan and Trust company,
st. Anthony Park, North, company, st.
Paul City railway. Electric Light COM
pany. West Publishing company, North
st. Paul Land company, Como Height
Land and Improvement company and
Gettysburg Panorama.
Mining stocks comprised Northern
Pacific common, preferred and scrip,
Abagus Iron and Galena Silver.
The large stone heads which orna-
ment the exterior of the building seemed
to grin appr0yingly as the tide of spec
ulatorS flowed i'll, and when, at
1l:l5 O'Clock, Mr.. James II. Daw-
son. of the governing committee,
mounted the platform set apart for the
Secretary'S desk, he was confronted by
an animated, interested throng, who
paid the stricteSt attention to his eX-
PLANTATION of the purposes OF the eX-
change. In the course of his remarks
the speaker said that by 1890 the twin
cities of ST. Paul and Minneapolis would
have a population OF 100000, and when
the nineteenth century closes there
would be 100000. During the year
Just past transactions at the clearing
house aggregated 800, 000,0 900, and hence
a stock exchange was necessity, be
cause where there were such large mon
etary interests, business men
WANTED INFORMATION
as to the condition of the best properties
in which they should invest. One Of
the fundamental principles of the new
institution would be the development of
the great Northwest, and naturally in
the main through railroad enterprises
and the opening of the great mineral
deposits OF that section of the United
States. In brief manner he Sketched
the growth of the exchange, stating that
it started in with membership OF
eighty-fiVe. but it would not be long ere
seats We're at high premium. For in
stance, inside Of ten years seat in the
st. Paul Stock exchange would be worth
$1,000, and ten years later double that
amount or he would quit this part of
the country. Great enthusiasm was
manifested during the opening remarks,
and when they were concluded Chair
man9William \. ViguerS took his place
on another platform elevated above that
of the secretary, and said that business
would now be inaugurated. Thus say
ing, he pounded the heavy oaken desk
in front of him with his gavel, and an
nounced that the list would be called.
A little knot of brokers outside the
rail started AbaguS iron stock at % and
it rose to 80. the offering price being
50. Galena silver was next, but there
were 10 audible bids, the stock being
offered at 80. And thus it went along
the line of listed securities, and the st.
Paul stock exchange was formally inau-
gurated.
The stocks listed are those only which
have made applications, met the re-
quirements of the listing committee,
and been recommended by them.
Thata
STOCK Is LISTED
does not guarantee its value, but it de-
termines that it is legally Incorporated.
A list of its officers and other particu-
lars are filed with the proper officers of
the exchange. and it is believed by the
committee to be a legitimate enterprise
There will he two calls daily-at II
o'clock in the forenoon and o'clock in
the afternoon. The business of the ex-
change does not begin until 10 o'clock
in the morning, and one hour later the
chairman mounts the rOstrum and pro-
ceedS to call off in alphabetical order
all stocks listed, until the gayel
falls, announcing trading at an end; in
any particular stock that stock only can
have the attention of the exchange The
exchange is limited to membership of
100 which at present includes some of
the wealthieSt and most influential citi-
Zens of st. Paul.